3 Hidden Ways Asset Tracking Saves Time and Money

Think asset tracking is an unnecessary investment? Think again. Asset tracking can save your organization thousands of dollars – or much more, depending on the size of your company and the number of physical assets you have to track. Here are a few ways asset tracking saves time and money that you might not realize.
Documentation Adds Up
One of the most overlooked ways asset tracking saves time is in documentation. You probably realize that asset tags improve accuracy by avoiding manual documentation, but did you ever think about how much time it really saves?
When your staff are spending what seems like a few extra seconds to write down a product number or asset identifier, it seems an insignificant loss. But when you add up the many times a single staff member will do so throughout her career, you’re looking at a significant savings. Over the course of a few years, eliminating that extra time for manual documentation could potentially recoup up to a few weeks of time that could be spent on more productive tasks.
Physical Asset Location
When your company has a limited supply of a particular asset, such as a few video monitors to cover one educational building, tracking down the location of those assets takes up valuable time for your educators or other staff.
When you use asset tags in conjunction with an asset management system, it can become even simpler to locate assets. For instance, some programs allow you to tag specific assets with broad category labels – so even if an employee isn’t sure what specific asset he needs, he can search the database using descriptive terms and then choose from the available assets.
Asset Maintenance Extends Useable Life
Another overlooked benefit of asset tracking is the ability to keep tighter control over maintenance. When an organization relies on valuable assets to conduct business, a loss of a single asset can be devastating on productivity.
Regular maintenance is often required for regulatory compliance in some industries. Not only can asset tracking help you stay compliant by securing the required maintenance to maintain certifications, but ensuring proper care of your equipment can mean a longer functional lifespan. If you can get another year or two out of your most expensive equipment, will it benefit your bottom line? Our bet is on yes.
Asset tracking provides a number of benefits, including both monetary and productivity benefits. Many key facets of your company can be positively impacted by incorporating an asset tracking system – and it’s an investment that will pay off multi-fold over the course of a few years.